Fred Smith FedEx CEO legendary Vegas BJ gamble
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December 10th, 2021 at 4:51:12 PM
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Yeah, many probably heard about how Fred Smith saved his FedEx company by gambling blackjack in Vegas to pay his jet fuel bill, but thought to post this.
From Fox Business News:
https://www.foxbusiness.com/money/fred-smith-fedex-blackjack-winning-formula
From Wiki about Fred Smith:
“ Business career
In 1970, Smith purchased the controlling interest in an aircraft maintenance company, Ark Aviation Sales,[4] and by 1971 turned its focus to trading used jets. On June 18, 1971, Smith founded Federal Express with his $4 million inheritance (approximately $23 million in 2013 dollars [12]) and raised $91 million (approximately $525 million in 2013 dollars)[12] in venture capital. In 1973, the company began offering service to 25 cities, and it began with small packages and documents and a fleet of 14 Falcon 20 (DA-20) jets. His focus was on developing an integrated air-ground system. Smith developed FedEx on the business idea of a shipment version of a bank clearing house where one bank clearing house was located in the middle of the representative banks and all their representatives would be sent to the central location to exchange materials.[4]
In the early days of FedEx, Smith had to go to great lengths to keep the company afloat. In one instance, after a crucial business loan was denied, he took the company's last $5,000 to Las Vegas and won $27,000 gambling on blackjack to cover the company's $24,000 fuel bill. It kept FedEx alive for one more week.[13]”
From Fox Business News:
https://www.foxbusiness.com/money/fred-smith-fedex-blackjack-winning-formula
From Wiki about Fred Smith:
“ Business career
In 1970, Smith purchased the controlling interest in an aircraft maintenance company, Ark Aviation Sales,[4] and by 1971 turned its focus to trading used jets. On June 18, 1971, Smith founded Federal Express with his $4 million inheritance (approximately $23 million in 2013 dollars [12]) and raised $91 million (approximately $525 million in 2013 dollars)[12] in venture capital. In 1973, the company began offering service to 25 cities, and it began with small packages and documents and a fleet of 14 Falcon 20 (DA-20) jets. His focus was on developing an integrated air-ground system. Smith developed FedEx on the business idea of a shipment version of a bank clearing house where one bank clearing house was located in the middle of the representative banks and all their representatives would be sent to the central location to exchange materials.[4]
In the early days of FedEx, Smith had to go to great lengths to keep the company afloat. In one instance, after a crucial business loan was denied, he took the company's last $5,000 to Las Vegas and won $27,000 gambling on blackjack to cover the company's $24,000 fuel bill. It kept FedEx alive for one more week.[13]”
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